After several years of trying to work things out with their lender, this Marlborough CT couple was close to foreclosure and at their wits end. With next to no options left, they decided to attempt a short sale.

We listed the home which was well staged and priced aggressively and within 3 weeks a buyer was secured! Short sale documents headed to the both Suntrust and Chase for this FHA short sale.

Suntrust and Chase proved very slow, but with a lot of pushing prodding 5 months later our short sale approval letters arrived, and a month later this Marlborough, CT short sale closed!

While Bank of America's FHA short sale department is generally a disaster, once in a while even they get it right....

A year after our initial consultation this New Britain homeowner called me to finally list his home. He had tried unsuccessfully to modify his loan and was ready to move on. The home went on market and just three short weeks later we secured a strong buyer for the home. FHA recently revised their Pre-Foreclosure Sales program to streamline more closely with conventional short sale programs. This made the program more flexible, however servicers generally take a long time to adapt to any changes to guidlines. I expected many months to get Bank of America to make a decision.

When this Bristol, CT couple called me to tell about their plight, the moment I heard the words U.S. Bank - my heart sank. By far the worst short selling lender on the face of the earth, I had sworn off working with US Bank earlier in the year. After hearing the couple's sad story, I decided I would reconsider my position and take the listing on.

We started working on the FHA short sale right away as the property went on market. It took under just three months to find a buyer for the home, during which we fruitlessly attempted to get US Bank to get moving on the short sale. Unresponsive negotiators and lost paperwork were the norm. By the time we had a buyer we were on our third attempt to get US Bank to start the approval process.

PHH is an unpredictable lender....most of the time they are a disaster...and sometimes they seem to have it a little more together. This particular short sale of an FHA loan was a little bit of both.

When this splitting couple first called me they had decided to move on without each other, but were prisoners of the overleveraged home they had purchased together. After considering all their other options they decided to attempt a short sale.

We listed the home and PHH Mortgage pushed our paperwork around endlessly as 5 months passed with virtually no progress, despite continuous, unrelenting efforts on our end to push the file through. Finally, as we hit the edge of having a foreclosure suit filed we got moved along to a sympathetic…

It's not every day a short sale takes over a year....but when Bank of America is in charge - anything is possible. When this Middletown couple was referred to me, they had been struggling to keep up with the mortgage and knew it was time to give up and short sell.

We listed the property and 8 months slowly passed as we struggled to get moving on our FHA short sale, but Bank of America kept insisting on pushing a loan modification, threatening and harassing my clients until finally they were released from the loan modification department and moved into short sales.

As we finally started making progress, Bank of America quickly sold the loan to M&T Bank, and we were forced to start over. Thankfully - removing Bank of America from the picture was…

In the middle of a pending divorce, this Torrington CT homeowner called me to discuss the possibility of getting out of his upside down home. Although he had recently bought the home, the fresh divorce made the home unaffordable and he wanted to relocate and start over.

The home went on market and two months later a buyer was secured. Bank of America held the loan and dragged painfully along in their usual fashion for the next 4 months, with limited progress. We then caught a lucky break as Bank of America sold the loan to PennyMac.

PennyMac proved to be a delight to work with as they quickly processed the file and produced an approval less than a month later...and soon after this PennyMac FHA short sale CLOSED!

Wells Fargo FHA short sales are pretty predictable nowadays, but boy are they SLOW!

When this Manchester, Connecticut homeowner could no longer afford her home and had fruitlessly pursued a loan modification she was left with no option but to pursue a short sale.

Since FHA short sales allow pre-approval, we started to pursue the short sale as soon as the property was listed. Three and a half months later when we finally secured a buyer Wells Fargo had made little progress. Despite constant follow up, Wells Fargo still lagged for 2 more months before finally approving this FHA short sale. The buyers side lender also proved slow and several hiccups causing more delays followed. Finally 7 months after first starting our journey this Wells Fargo FHA…

When these Enfield, CT homeowners were relocated to Florida, they found themselves with over $100,000 of negative equity and with no way to make up the difference. Rather than just allow the home to foreclose, they decided to try and short sell the home.

It took just over 2 months to secure a buyer for the home, while we simultaneously pursued the FHA short sale approval from Chase. Unfortunately Chase burned through an additional 3 months getting us the approval during which time the buyers loan documents expired and they needed to reapply for their loan. Once the buyers were once again ready to close, Chase decided they now wanted $30,000 more for the property, despite an appraisal proving our original sales price.

Per Mortgagee Letter 2013-26 - Effective August 15, FHA has updated their requirements for getting a new mortgage after a short sale, foreclosure or bankruptcy. FHA has expanded their extenuating circumstances to include those who had a devastating credit impact as the result of unemployment or severe income reduction.

FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:

Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;

When forced to choose between his 1 bedroom condo and his new family of 3, this CT homeowner decided it was time to let go of his bachelor condo. Unable to rent the property to cover its payments and unable to find $70,000 to cover the lost equity on the home - my client decided to short sell the property.

The long road ahead started brightly enough as a buyer was secured in just 6 weeks. It didn't take long for Wells Fargo to deny our file for "lack of hardship". Carrying two sets of household expenses and falling behind apparently was just not hard enough....the buyer walked.

We went back on market for round 2. Another month later we secured our second, very patient buyer. We resubmitted the file...and several weeks passed until we were denied…